Solana (SOL) Cools After Recovery — Resistance Proving Difficult to Crack

Aayush Jindal

23 hours ago

2 mins read

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Solana started a recovery wave above the $150 zone. SOL price is now correcting gains and might struggle to rise above the $155 resistance.

SOL price started a fresh decline after it failed to clear $155 against the US Dollar.
The price is now trading near $152 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $151 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $156 resistance zone.

Solana Price Trims Gains

Solana price started a decent increase after it cleared the $150 resistance, like Bitcoin and Ethereum. SOL climbed above the $152 level to enter a short-term positive zone. There was a move above the 50% Fib retracement level of the downward move from the $160 swing high to the $144 low.

However, the bears were active near the $156 resistance. They protected a move above the 76.4% Fib retracement level of the downward move from the $160 swing high to the $144 low.

The price is now moving lower and trading below the $154 level. Solana is now trading near $152 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $151 on the hourly chart of the SOL/USD pair.

Solana Price — Source: SOLUSD on TradingView.com

On the upside, the price is facing resistance near the $155 level. The next major resistance is near the $156 level. The main resistance could be $160. A successful close above the $160 resistance zone could set the pace for another steady increase. The next key resistance is $162. Any more gains might send the price toward the $165 level.

Another Decline in SOL?

If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 zone. The first major support is near the $146 level.

A break below the $146 level might send the price toward the $142 zone. If there is a close below the $142 support, the price could decline toward the $136 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $150 and $146.

Major Resistance Levels – $155 and $160.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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